<p>Hey guys I have a question about the ParentPLUS and how exactly one gets approved for it. If my understanding is correct, the only thing you need to get approved for a ParentPLUS is not to be 90 days over due on any debt or have any serious debt related charges such as Title IV debt, bankruptcy, or outstanding student loans. My mothers credit is very bad but I have been working on getting it better ever since last year, I will like to know if all of her debts have been paid off and she is not 90 days over due on any other debts, is there a possibility that our ParentPLUS loan will get denied again and if so why?</p>
<p>Apply and find out. If she is denied then you can appeal and if there is something on record that is causing the denial, you can take care of it and get it approved. I know several people who have done this. From what I can see, it’s just the past due accounts that are an issue, and sometimes even after you pay them or catch up, it takes a bit before it is reflected on the credit report, You just let them know and show them and that’s it. I know it’s more of a pain than I’m making it sound, but that is what you have to do,</p>
<p>Yea, that is what I am assuming. Can you apply for the ParentPLUS loan right now and if so is it suggested doing it so early [Will there be any negative side effects at all to applying and getting denied and trying to appeal it]?</p>
<p>The credit check is good for 90 days, so it is not too early to apply. She will find out almost immediately if she has been approved. I can’t imagine there are any negative side effects to the process.</p>
<p>Well I applied for it and it got denied, except this time I was given the option to have my Extenuating Circumstances reviewed, which of course I did. A few days later I received this email:
" Recently, we created Case ####### to track an inquiry. Below is information relating to the case, including your case’s most recent status or a request for information and/ or action related to the case.</p>
<p>This email is in reference to your inquiry regarding your credit appeal. Your case number is #######. Retain this number for your reference.</p>
<p>Your Credit Appeal has been processed and your case has been APPROVED. You will receive the detailed results of your Credit Appeal either via U.S. Postal Service or email, depending upon the correspondence preferences you selected on StudentLoans.gov.</p>
<p>Your school will tell you what loans, if any, you are eligible to receive. If you have questions regarding your loan eligibility, the next steps in the processing of your loan, when the loan will be disbursed (paid out), or no longer wish to receive the loan, contact your schools financial aid office.</p>
<p>After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will be provided with the servicers name, address and contact information. Your servicer will service, answer questions about, and process payments on your loan after you enter repayment.</p>
<p>Sincerely,</p>
<p>Student Loan Support Center
Federal Student Aid
U.S. Department of Education
Website: <a href=“https://studentloans.gov%5B/url%5D”>https://studentloans.gov</a>
"</p>
<p>So what does this exactly mean? Did my credit check through and will the cost of attendance for my 2013-2014 Semester at RU be payed via the parentPLUS loan or is this the beginning of a more deeper process?</p>
<p>Yes, it means your credit was approved on the basis of the information you presented in your appeal. The school will receive a credit override notification, so they will also know that your credit was approved. You may still need to apply through the school - if they don’t process Parent PLUS from the studentloans.gov website application (my school does not use the sit), you must fill out the school’s application. Check the website to find out, if you don’t know. The credit check/appeal you just did will be used when RU originates the loan.</p>
<p>Whether or not school will be paid for in full, I could not tell you. It depends on the cost, your other aid, and the amount of PLUS requested. Are you the parent or the student???</p>
<p>I am the student and I requested the amount I needed plus (tuition + room and board - the amount received in FASFA related loans) plus the the amount it cost for the cheapest meal plan. When will the amount loaned be deposited into my student account at RU?</p>
<p>I sure hope your mother was the one who actually applied for the Parent Plus Loan, otherwise, I believe you have committed fraud.</p>
<p>No, it was my mothers account. You aren’t allowed to apply for a parentPLUS loan as a student. I think the double check of SS numbers would solve this.</p>
<p>It was my mothers account in that she was with me while we signed up for it. She filled out everything and of course knows about everything that is going on, she forwarded the email I just presented to me.</p>
<p>“I am the student and I requested the amount I needed plus (tuition + room and board the amount received in FASFA related loans) plus the the amount it cost for the cheapest meal plan.”</p>
<p>Good. I’m glad you didn’t just apply using your mother’s info. She will still have to fill out the promissory note. And, BTW, “board” is the food. “Room and board” means room and food.</p>
<p>I was worried that you had done this without involving a parent, but the fact that there was a successful credit appeal indicated to me that a parent had been involved. I understand now that you are the student, but that your parent actually did apply.</p>
<p>You will need to add up all of your costs: tuition, fees, room, board. Add up your financial aid (any grants, scholarships, other loans). The difference between the two is what you will owe, so if your PLUS loan covers that, you are set. If not, you will need to come up with more money - or if it’s more than you owe, you will get a refund.</p>
<p>Don’t forget to factor in loan fees when you figure out how much you will receive for the loans. Sub and unsub loans have a 1.051% fee; PLUS loans have a 4.204% fee. In other words, take the amount you borrowed in sub and unsub - multiply by 0.98949 - divide by 2 - this is the amount you will receive for fall. For the PLUS loan, multiply by 0.95796 - divide by 2 - this is the amount you will receive for fall.</p>